selected The 41st Parameter's PhishingNet technology for pilot testing in September 2005 after using several different solutions that provided only temporary relief. According to the Gartner report, PhishingNet pinpointed the source of fraudulent activity, identifying 46 suspect logins, of which 44 were later confirmed by the bank as fraud.
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Another advantage the report cited was PhishingNet's covert and completely transparent nature, as the product does not require consumers to change online behavior. Throughout the pilot, the solution did not generate any inbound customer service calls.
To recognize visiting PCs, PhishingNet invisibly collects more than 40 parameters and uses them to build a digital "fingerprint" of the PC, helping pinpoint fraudulent versus legitimate online activity with unprecedented accuracy. The process does not require user registration and does not involve any cookies or software downloads.
"With this 'PC Fingerprinting' technique, The 41st Parameter could recognize and identify individual fraudster PCs from among the millions of PCs that visited the HSBC Web site," Litan writes. She also noted, "Crooks can't plan attacks against fraud detection and prevention methods that they can't see and analyze."
"Using a covert approach helps banks conduct invisible account surveillance without giving fraudsters the information they need to counter the security measure," said Ori Eisen, founder and CEO of The 41st Parameter. "As evidenced at HSBC Brazil, no other covert back-end transaction system was able to pinpoint the exact source of the fraudulent attack like PhishingNet."
For more information, download the report from The 41st Parameter Web site at: http://www.the41.com/site/gartnerreport.asp.
About The 41st Parameter
As the pioneer of covert, online fraud detection and prevention technologies, The 41st Parameter offers highly accurate, non-intrusive fraud control measures for the online channel. By continuously collecting new and unique parameters from end-user computers during online account access, the Company's patent-pending technologies enable forensic identification of devices to monitor suspicious or fraudulent account activity and help protect sensitive customer data. The 41st Parameter's products have "zero imposition," requiring no action or behavior change on the part of the consumer. For more information, please visit www.the41.com.
Contact: Jamie Ernst Phone: (210) 495-5757 Email: Email Contact
SOURCE: The 41st Parameter